NH Nonghyup Bank Partners with Kurly Pay to Promote Embedded Finance

NH Nonghyup Bank announced on June 11 that it has signed a business agreement with Kurly Pay, the simple payment service of the domestic e-commerce platform Kurly, to provide an "innovative service combining finance and retail." Embedded finance refers to the integration of financial services into non-financial platforms or services from other industries.

The two companies will pursue various forms of cooperation, including the launch of a Kurly Pay partnership account and the provision of embedded finance, financial support for the joint growth of Kurly's suppliers, and joint promotion, mutual marketing, and content development to activate both platforms. In March, Kurly and NH Nonghyup Bank also held a rewards and discount coupon event together.

This year, Nonghyup Bank established the Embedded Finance Division and began actively expanding its embedded finance model, which provides benefits to customers by collaborating with external companies such as non-financial firms to develop BaaS (Banking as a Service) and specialized businesses in terms of products and services.

Kang Taeyoung, CEO of Nonghyup Bank, said, "Based on the expertise accumulated by both companies in the fields of finance and retail, we plan to offer differentiated services," adding, "Nonghyup Bank will continue to expand embedded finance through partnerships with platform companies, ERP firms, and public institutions."